Payments Blog

Ready or not, alternative payments are coming, and they’re coming fast. While consumers still use cash, a credit card or a debit card in most of their transactions, alternative payment methods are starting to garner a significant share of the market. There are, however, some options that are more prevalent than others, and some that are growing at a faster rate.

Cybercriminals always find the path of least resistance. When it was easy to place a skimmer on a card reader at a merchant, and steal card information from a card’s magnetic strip, that’s what they did. In the new EMV landscape, where cards are equipped with a chip, it has become almost impossible to commit fraud at the point-of-sale, so these cybercriminals have migrated to the digital channel. Since credit cards have become increasingly secure in the digital channel, they’ve started to look for another easy way to commit crime, and they’ve found it through alternative payments.

Whether it was the shift to using cash, or the transition towards credit and debit cards, there have always been challenges with adoption when consumers are introduced to new ways to pay. People do, inherently, grow comfortable with what they know and what they trust, so when something new comes along, it creates unique issues, for both merchants and consumers.

For years, consumers used exclusively cash in their transactions. Then they gravitated towards credit and debit cards, as these provided an easier way to pay. Now, with the proliferation of technology and smartphones, mobile wallets are swiftly breaking onto the digital payments scene.

Are you interested in leveraging new technology to reach a wider audience? If you want to grow your business, you need to consider expanding your reach across the globe. With the proliferation of credit cards and alternative payment options, it’s easier now to expand internationally.

Download Cardinal’s brand new “Around the World with Alternative Payments” infographic today. It will show you how you can connect with millions of online shoppers around the world, by using alternative payment brands that they want to use.